Report: R.I. homeownership rates declined from 2009-2015

HOMEOWNERSHIP RATES in Rhode Island declined in every age bracket except those 60 and older from the years 2009 to 2015. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE
HOMEOWNERSHIP RATES in Rhode Island declined in every age bracket except those 60 and older from the years 2009 to 2015. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE

PROVIDENCE – Between 2009 and 2015, homeownership declined in Rhode Island for every age group except for those 60 and older, according to a report from Gridlex, an analytics company. The decline reflected a greater trend in the United States during that time period.

In Rhode Island, the 35-44 year-old age bracket experienced that largest percent change between 2009 and 2015, falling 25.3 percent. Homeownership for residents below the age of 35 fell 18.7 percent in that time. Homeownership for those 60 years of age or older increased 14.84 percent from 2009-2015, even as those aged 45-59 saw a 4.7 percent drop.

In Providence County, the largest decline in homeownership from 2009 to 2015 was in the below 35 years of age tax bracket, falling 25.3 percent. The 35-44 years of age bracket declined 21.8 percent in that time, with the 45-59 group showing a 1.7 percent drop. Similar to homeownership in the state, only the 60-plus age bracket increased its homeownership percentage share in this time period, by 13.9 percent.

In Bristol County, only the 35-44 age bracket saw a decline in homeownership percentage, which fell 23.6 percent. Below 35 years of age homeownership increased 0.5 percent; the 45-59 age bracket experienced 2.2 percent growth, and 60-and-older homeownership grew 9 percent.

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Homeownership in Kent County declined in every bracket except 60 and older, which increased 11.2 percent from 2009-2015. Homeownership for 35-44-year-old residents declined 30.1 percent in that time, while homeownership for those under 35 fell 16.8 percent, and those from 45-59 experienced a 3.6 percent drop.

Homeownership in Newport followed the national trend as well, only increasing for those 60 years of age or older, at a growth rate of 19.6 percent. Homeownership for the 35-44 years of age bracket declined the largest percent, falling 24.4 percent from 2009 to 2015. Those under 35 saw a homeownership decline rate of 16.9 percent, and the 45-59 cohort posted a 12.7 percent decline.

Washington County homeownership from 2009 to 2015 saw two age bracket growth rate increases, in the 35 and under bracket (15.4 percent) and the 60 and older bracket, which grew at 22 percent. Homeownership for the 35-44-year-old age bracket in Washington County declined 31.9 percent in that time, while homeownership for the 45-59-year-old age bracket declined 13.1 percent.

In Bristol County, Mass., homeownership behaved in the same manner as the U.S. market, with homeownership only growing in the 60 years and older age bracket from 2009 to 2015, climbing 18.9 percent.

Homeownership for those below 35 years of age in Bristol County declined 15.9 percent from 2009-2015, with the 35-44-year-old group seeing a 23 percent decline and those 45-59 posting a 3.9 percent drop in homeownership.

The numbers for this study were provided by the U.S. Census Bureau. The data was compiled by Gavop, a real estate, housing data analytics company and Gridlex.

Chris Bergenheim is the PBN web editor.

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